Serving in the US military has excellent benefits. On top of a generous salary, you get free healthcare, subsidized food, and even money for education. Support is also given if you’re planning to enter a different career in the future. But aside from these, there’s one more thing military personnel can take advantage of: VA home loans in Colorado.
VA home loans in Colorado are an option for anyone who has served in the armed forces, whether they’re retired or not. This program is backed by the US Department of Veteran Affairs, to help active personnel and veterans become homeowners.
Why should you opt for VA loans? Here are five great reasons:
1. Lenient eligibility requirements
Every home loan requires borrowers to have a good credit score and financial history. The same goes for VA loans, along with the requirement of being a member of the armed forces. However, this program tends to be more flexible with the guidelines. As long as you meet the minimum credit score of 620, you can use the VA mortgage program with no problem.
2. No down payment
The greatest advantage of VA home loans over other programs is that they don’t require any down payment. For instance, FHA loans ask for around 3.5%, while conventional loans require a whopping 20%.
3. No mortgage insurance
Most home loan programs require borrowers to pay for mortgage insurance when the down payment falls below 20%. VA loans require no such thing. Instead, you can benefit from zero mortgage insurance, all thanks to the government backing it.
4. Low closing costs
Closing costs are another troublesome fee to deal with when buying a home. Luckily, VA home loans in Colorado require minimal closing charges. You’ll end up saving money, giving you more to spend on furniture or home improvements.
5. Assumable
Veterans Affairs loans are assumable, meaning you can transfer a previous loan to a new one. This benefit is great if you plan to sell your home to someone who is also eligible for VA loans.
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